The most important way to prepare for a flood is to buy flood insurance coverage. Certain areas are more likely to flood than others over time, but flood damage can happen to anyone. If you live in an area with greater odds of flooding, federal law may require you to purchase flood insurance. But even if you’re not required to have flood insurance, your home could still be at risk.
Did you know most homeowner’s property insurance policies do not cover flood damage as a result of flooding? Without flood coverage, families risk losing all of their assets when floods strike.
Flood insurance covers the structure of your home and your personal property from flood damage. Coverage can be obtained by the National Flood Insurance Program (NFIP) and some private insurance companies.
Typical Types Of Coverage Your Policy May Have
Most flood insurance is written through the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). If your community participates in the NFIP, you may be eligible to buy a flood insurance policy through an insurance agent. FEMA draws a Flood Hazard Boundary Map that divides countries into flood zone risk areas, and their flood Insurance rate map sets the coverage and premiums for these areas. The standard flood insurance policy requires a 30-day waiting period before the coverage becomes effective.
Beachfront or lakefront properties located near the shoreline are typically excluded from having flood insurance. Private flood insurance can sometimes be obtained for these properties.
There are an increasing number of private insurance companies who offer flood insurance in conjunction with the NFIP. The coverage varies from each private insurance company.
Non-Flood Water Damage
You may want to consider additional water backup insurance in addition to flood insurance. Neither the NFIP, nor your base homeowner’s policy, typically cover water that backs up through sewers or drains, or overflows from a sump pump.
You need a personal insurance agent to sort it all out! Covington Insurance Agency is an independent insurance agency dedicated to finding you the comprehensive insurance coverage you need at a competitive price.
Contact us today for an insurance assessment and free personal insurance quote.